Model of optimal financial supply of the company under conditions of limited access to capital

Abstract

A model of the optimal structure of financial support has built, which is based on the theory of compromise. It is based on the idea of finding the value of the optimum leverage at the point of intersection of the functions of marginal benefits and marginal costs of debt, taking into account the effect of using the tax shield. The function of the marginal cost of debt is formulated on the basis of introducing a number of hypotheses into the study (the function of the marginal cost of debt is described by the equation of a straight line; the distance of the straight line of marginal costs is characterized by the parameter ratio of the magnitude of agency costs to the total assets of the company; the slope of the straight line of marginal costs depends on the level of financial constraints). The size of the agency costs depends on the agency costs from the "entrenching" of the manager. The level of financial constraints for a company in a specific period of time is determined based on the Kaplan-Zingales function and indicators: the company's net cash flow to the book value of total assets; long-term loan capital of the corporation to the volume of total assets; the ratio of the volume of dividend payments to shareholders to the amount of assets; the share of the corporation's liquid assets in the book value of total assets; Tobin's ratio, calculated as the ratio of the market value of equity to its book value). It is proved that a prospect for further research is the determination of the parameters of the Kaplan - Zingales function of financial constraints on the basis of the regression equation of domestic enterprises, which, to a certain extent, is hindered by the low information efficiency of the stock market in Ukraine.